Verizon Communications Inc.'s push to take full control of its U.S. wireless business could spark a new round of mergers across the telecom industry.

Verizon's talks with Vodafone Group PLC, which owns 45% of Verizon Wireless, could soon result in a deal worth as much as $130 billion, said people familiar with the matter. That would be the second-largest acquisition on record, bigger than Exxon's purchase of Mobil or the ill-fated...